neil: we'll always told you that the big banks were no saints but the only sinners? >> bernie mad madoff. republican fundraiser, has done the math and examines what could be a grand old party pooper. >> a year ar sandy -- after sandy, only 5 billion spend. meet company that says that is stupid. it took matters in its own hand, and chose the right way to hadn't a hand. >> just a few weeks to mix this health care web site.

meet former office depot chief who knows tech, and knows it is not even happening, not even close, saying they should just junk it. and start over. >> the news on prices on the show that is priceless. and on the money, starting now. neil: cracking down or just crack? i am neil cavuto, the more i like at this jpmorgan chase fine, the more i believe it not fine. turning jamie dimon into velcro, and hoping all meltdown sins stick to him or him and his banking buddies but not the government who strong armed them. and now the guys who did their

bidding are those getting the beating, and the only ones, no matter when you think of banks, and whether they can or should pay the huge finds, ask yourself, where are fannie's finds? how is the government lender now gets money from j.p. morgan potentially for problem is created. then there is bernie madoff. never mind that regulators were asleep at the switch, the security and exchange commission gets a pass, and the bankers get the bill, are you kidding me? "it takes a village" to sin, but just a few villagers to judge,

fewer still to punish, charlie gasperino. what do you make of this? >> how many nasty articles? neil: why just them? >> before you had these guys like matt taiby beating on dead horses, i was telling people about banks and their misdeeds, i am not supportive of the banks but this is getting insane on what they are going after, looking at this j.p. morgan fine, they are accused of, break it down, you take washington mutual stuff, and bear sterns stuff, they have bad stuff, make ta out, take ought fannie and freddie -- take out the fannie

and freddie stuff, they packaged mortgages they bought from banks they bought securities from banks too. neil: pretty big sinners in this, they will get money out of this? >> they had zero standards, they had a mandate to buy crappy mortgages, they knew it. take two out, j.p. morgan stuff looks like pretty mundane. they make it sound like the london blitz, they lost money in london but a trader named the london wale . >> they tried to you know, cook the books in terms of how they marked trade without getting into the we'd. neil: have you been saying, they are hardly free of sin -- but does not mean there are others ?

>> not only that, they were prodded as part of a bubble, all about housing, we should expand, who created that bubble? it was the federal reserve, taking interests to zero or close to zero that creates cheap money on part of the banks, and number two the direct government policy, the people that created that government policy from guys that ran fannie and freddie to andrew cuomo who ran hud during clinton years, and demanding, now new york state government, they want fannie and freddie to do more subprime lones to jack lew, now treasury secretary. then he basically went to citigroup, one of the banks -- >> you say there are many culprits. a lot of people say, are just.

you say if you go after one you go after all, the people who provided that environment. >> i wrote a book called sell out, in 2009, about how -- listen, bubbles are not created by wall street, they are incentives that wall street is -- one of those incentives, prodding the barges to make the loans. neil: the flip side, those folks saying that jamie dimon could have said no. >> i think what hank paulson calls you in the room,. neil: former treasury secretary. >> tim geithner, the top regulator of the banks, when that comes in, you -- they say we would like you to do it, do you it. neil: the goal to me is paying fannie anything, that is what -- >> it is bogus, and absurd. it is so upsetting, the irony, 5

years after the financial crisis, fannie and freddie that helped cause this official crisis, they are getting money from one of the banks, j.p. morgan, which avoided a financial crisis, not saying they are perfect but in terms of risk management they were the best, one of the banks that caused financial crisis citigroup, was a place where jack lew worked. collected $8 million check before he became treasury secretary, and ti and tim geith, asleep at switch as a head of new york fed, he is now. this is perversity. neil: great job, it is amazing. charlie. thank you. >> in the meantime, whether you can fight the government on something like that, that depends on whether you are well heeled client like you know

jpmorgan chase or you just accept it and move on. ashbly, what do you think happens now and whether individuals have a chance of getting some of this money. >> well, i think that real question is whether or not the government lied when they basically said they were going to assume the risk. they went in there and they asked for j.p. morgan to buy wamu, and said we'll absorb the liabilitiy and indemnity fi you. neil: they figure here is my chance to be made whole, i will be able to get back some of my flesh, can they? >> it is unlikely, a lot of the money, that is supposed to be given to people in settlement is eaten in litigation cost, you

find out a lot of times class-action lawsuit you get back a small check like 69-cents, it is hard to tell. but a settlement is probably the way to go, but j.p. morgan did think this they were contracting to avoid this is,. neil: in the end, where does this money go. as a lawyer, if you want to see restitution for those allegedly hurt you are saying not really a guarantee. >> the money goes to the lawyer. >> it is not a guarantee. neil: really. >> j.p. morgan put aside more money that pay lawyers than the fines that is very telling where they think that money will go. neil: it seems silliness to me, to take nothing away from eye-popping numbers, they make a statement but don't follow that money that makes the statement, you know. >> it is frustrating. nicole. >> that is okay, when people try

to come to an agreement about how things work in future, they do a contract, that is what j.p. morgan did in thi this circstan, but now government is saying we don't understand the tomorrows or we interpreted differently from what we thought we would in the beginning this is going to cost i lot of money in litigation. neil: ashley for those who feel ranged, this is not a guarantee they will be made whole? >> not at all, it is not a guarantee, it would serve their best interest if they worked on this and resolved it without going through litigation. neil: all right, that is wishful thinking. we shall see. ladies thank you very much. former speaker nancy pelosi with a message for republicans over the weekend, democrats are in the driver's seat, so much so she thinks they will win back the house. think it can't happen? 17 or 18 seats it does happen, after this.

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have recognizing being have a chance to win now. neil: do you believe that? on conventional side, a notion that republicans may have lost their chance of retaking senate with the budget battles but to say they will lose the house as well? let's read fallout from this with noel. noel, that it is our side in trouble as a result of this think about impasse. and shut down? >> if anything, the democrats may be had a slight bump in fundraising, but overall, do i think that it is going to affect elections both in the house, and senate? no. not really. at all. i think that is wishful thinking on her part, as soon as the

government shut down goes away, next thing, which is going -- now, is obamacare, obamacare web site, the irs is implementing the penalties and what that is going to be. and to determine people have insurance, there is more coming down that will be on their heads. neil: you could argue though, there is logic to nancy pelosi was saying in terms of already the party challenges to those republican congressmen and women, who either went along with this, they would -- they would potentially hand a safe republican seat to a democrat, happened before, you need that in some big numbers, 717 or 18 to get you there but it is possible. >> it is possible. when we sat down with nancy pelosi, she was very happy, she was saying, that for first time, they will pick up seats, not as far as a joe namath-like

predict. but she is bullish, it helped democrat recruiting and fundraising, the story is now obamacare, which is a problem for democrats. in november 2014, talking about shut down, is a problem for republicans and obamacare republicans could pick up seats. neil: an argument talking about time and whether can heal a wound, whatever problems with obamacare right now, may be democrats, hope that the we're past the bumps by elect time next year. what do you make? >> no. i don't think so, you know, nancy pelosi, was the queen of the quote, we won't know what is in the bill until the bill is implemented, she will live out that legacy as we see what the ramifications are, the web site,

if the darn web site can't even get off the ground, they still have problems and no answers for that, what are they going to do when the next problem comes forth. they don't know the whole obamacare is inept, and republicans if we're start we'll take advantage of that. and a lot of big donors in the past have donor fatigue, they are tired of giving checks, something like that, may have them funding big republican races. neil: is the real battle or holy grail for republicans thinking they can retake the senate, minimum is that a loss or a potential? >> i don't think it is loss in house it is an uphill battle. the senate is more of a jump ball, you have to give the edge to democrats retaining the

senate at this point, republicans, i think have to recruit another candidate or two, they need to expand the playing field, and even then, they have to run the table. and win 8 of 10 erases. they have to pick up 6 seats to get the majority tha that is a l on the othetallorder. the obamacare economy, that is where you have to look to see where are obama's numbers come november 2014, right now they are in low 40s, for the house to flip, i think he has to get over 50, as far as democrats, if he is in low 40s or dips to mid to high 30s, then republicans will be feeling very good. about winning back the senate in 2014. neil: all right, to be continued. folks thank you very much. >> thank you, neil. neil: i know we just got over one debacle, but we're 79 days away from another one, the last

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>> there you go again. neil: flea years ago today, ronald reagan forever poured himself in debate lore. just define what was a bad economy, blaming others for it, now 33 years later, are we doing the same about doom and gloomers citing what were minor cuts or

disriptiudisruption as the resue shut down to avoid future cuts, mercedes? >> we're seeing that democrats have little desire to negotiate. they felt they won the shut down detalk else, so they -- debacle, so they think they can play it out with the secret sequestration cuts. for the republicans the sequestration is a powerful tool for them to use, there will be no agreement on the line until they come to the takeable together and negotiate, democrats feel they have no need. you see everyone is lowering their expectations, the question will become, whether they will be able to accomplish anything, that puts us from an economic perspective, looking at credit ratings. neil: well nothing gets done,

but to warn of armageddon. you have to say, all right that disruption is never desirable but equating what has been going on with sequestration cuts, that will be damaging beyond belief. you are deliberately planning the seeds to be again any spending cuts, because they will be damaging. you and i know, that is not the case. >> if i it is not. >> mercedes, she is talking about this doom and gloom armageddon. you do the sequester you talk about kids not eating about kids not going to school, about job cuts, the -- >> what do you do? replace of those relatively small cuts in the scheme of a larger economy, you argue against cuts. >> it is not relatively small, cbo said that sequestration can

cost the economy. neil: this was a back up for a backbone, neither side exhibited it. have we to have some cuts, we have this as a back up, we get a little discomfort and everyone bitches about it, we never make progress. >> you do not see how mercedes is argue, see this is talking about cuts spending. >> i'm talking about the fact that there is little urge to negotiate. between the democrats and the republicans. so i think when you look at it, we're dealing with long-term and short-term debt problems, you say that cbo, you mentioned, they said 73% -- federal debt is 73% our economy's annual output, that is the highest it has been. these are problems we need to

tackle, long-term. the question is not the spending cuts, it should be on the entitlement programs that we know, that is where they are duking it out, it will be interesting to see the results. >> high worry, rich is -- my error, rich is wireless inclined to duke it out. when we talk about the cuts, so what i worry about, if that causes so much concernation we'll never get spending you were control. >> but you talk about the moaning, government spending as a percent an of our economic activity is at a thirs 30-year e cannot cave into the tapper tea party rhetoric. neil: it is not tea party rhetoric, don't you find it insulting with nancy pelosi saying the cu the cupboard is b.

>> no. neil: really. it is only be addressed by raising taxes. >> not just raising taxes on the rich, you began with ron at reagan, my mom would be motor fid. -- she voted for ronald reagan once. >> what happened to you? >> what happened to the republican party is the real question. the people in congress that mercedes is referring to. neil: ronald reagan said, government is not solution to the problem, it is the problem. i am wondering when the leaders, prominently the democratic party, said the spending well has run dry, we have to raise taxes, i get worried that is all i'm saying. >> i hope, it is an election year, we're looking at here, if they could look at slowing down the increase of the cost of living for social security, look at -- >> would you be open to that. >> and you know there is a

chance there could be an elimination of certain tax cre. neil: a grand bargain. >> would she be willing to raise the minimum wage. neil: where does that come from? >> you need businesses. >> there you go again. a horrible impression. i want to thank you, we'll see the debate ensues great job. in the meantime, a year later, $60 billion in sandy aid later, what if i told you only $5 billion of that has been spent. where did the other $55 billion go? someone who has a swifter way to solve the home own problems, and puts his actions where his money and -- are.

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neil: a year later, only 5 billion of the 60 billion reaching the sandy victims. ceo, here that gave sandy $10 million within a week of the storm, that lead niece believe you shoulleads me to believeyouo washington pronto to work there. >> as north america's leader in residential property management. regret abily we have extensive experience in dealing with disasters such as sandy, we service over 6,000 communities in north america, and 1.5 million residents, our main goal in dealing with natural disasters and try to ensure they do not become a financial one as well, in main aspect of dealing with that is preparation,

anticipating those potential disaster, first on list to deal with is insurance coverage, we take great pains to work with our clients, our associations to ensure they understand their policies, they have the right coverage, and they are working with reputable insurance companies. neil: how do you do that after the fact? how did you broach that with them or help them? >> well, first of all, one of our jobs is to ensure they get the claims covered they did. and regre regrettably in almosty disaster it takes time. neil: no doubt but you are doing it a hell of a lot quicker than uncle sam, i'm not trying to get you to say bad things about the government but i would welcome it. but how do you move so quickly,

when a lot of the same folks are waiting for so much as just a response from the government. >> having professional property management companies like first service, watching out for the individuals, in addition to the insurance, i mentioned it makes sure they have the right reserving in place, with operating funds, they are ready for a rainy day, if you will, in last part, having process and procedures in place to ensure that when the damage is occurring it is minimized. and people are safe, first and foremost, but we have done all we can to minimize that damage. whether hey don't work -- when they don't work, went 48 hours of sandy, first service residential with our size, and our scaling and financial background, put together a $10 million recovery fund, to help bridge the gap for the communities that had a rough time, bridging that gap themselves, that was a real benefit for service residence

capital customers allowing to us get them back on their feet. neil: i also think that you knew the area affected the government did not. >> absolutely, as i mentioned have is a not a lot we've not seen, with our footprint from florida to california whether hurricanes or earthquakes or floods even in calgary we put a similar fund for those residence the. we know the areas, we have a local present, we've been there for decades and managed the properties for decades, with that experience comes a lot of experience on how to minimize the risks, get services back up and running, we have a lot of great relationships locally, a local touch in our markets. working with companies like first service residential, has a lot of benefits. >> you make too much sense, you would never have a career in washington, chuck thank you very were. justin credible.

okay. you probably heard the latest, from washington, about this obamacare site, health care site that is a disaster, no problem, they could have it up and running in a few weeks. our twitter followers are up on this as well. stick around. this is the quicksilver cash back card from capital one.

it's not the "juggle a bunch of rotating categories" card. it's not the "sign up for rewards each quarter" card. it's the no-games, no-messing-'round, no-earning-limit-having, do-i-look-like-i'm-joking, turbo-boosting, heavyweight-champion- of-the-world cash back card. this is the quicksilver cash back card from capital one. unlimited 1.5% cash back on every purchase, everywhere, every damn day. now, tell me, what's in your wallet? neil: all right, the glitches, enrollment numbers and costs, the problems keep building up, our twitter followers are fed up. who will pay for the redo? american taxpayers. one more thing, scrap it all, including everyone involved. to former home depot ceo.

steve, i would say that anyone with a technical background would have helped in coming up and policing this, we know it are not the case. but is it too late to just revise it? should you junk it now? >> this was a disaster by any proportions, unfortunately it was a man-made disaster. they have three and a half years, they were distracted by policy decisions and politics. in private sector we would set strategy, be consistent. you do the alpha testing, the beta testing. and then you roll it out selectively until it worked. that is not happen, they spent over $600 million. i'm not worried about the web site, with enough time and money they will fix it. what is it going to be another

$00 million the first billion dollar web site. neil: sometimes you have to scrap it all together and start a new, either way it is pricey. to me at least it is not a few weeks? >> no. i don't think so either. it -- it is time or money. so, shorter time is more money, and visa versa. i think that bigger issue is that this is just a piece of it. this is a del demonstration of t it is going to be like when government takes over our health care, they cannot get it right, this is huge. this is why you have to go back to the policy itself. and committee for economic development has for changes, you cannot have a government directed policy. neil: i agree with you, but i think it is too late, the train

left the station, republicans can hope, to maybe change the consequence of elections in house and senate. maybe they take both beards but short of that, this shaping, but, its technical debut has inspired very little confidence. >> it is not going to age well. you don't have to have the exchanges. you don't have to have them state run, or government run, you can have them run privately that it can evolve to, that you have private sector competition and prices you deal with interstate commerce and no 50 state commissioners, have you tort reform, you get to real fundamental issues of price and quality, have you the good things about what we were trying to do, that is get uncovered people with health insurance, you try to get rid of

preexisting conditions, it could still be met, you could move to more privatized exchanges. neil: steve thank you. >> thank you, neil. neil: this is probably the most famous back rub heard in the world. and everyone wondered why angela merkel got upset, we found out that bush whispered in her ear, we're tapping your phone.

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neil: angela merkel was not only one shocked to find out that the u.s. of tapping her phone, so of president obama, saying he had no idea that they were spying on

her, our next guest said that is worse. your spies are running amuck. that is more disconcerting to me. >> yeah, if this has been going on for 10 years? i think it first started, and neither of last two presidents were aware, it would speak to an internal shadow surveillance state that feels it can do what it wants to you impunity. it is plausible. but there are bad explain nation that the president did know it and did not care, there are reports in germany newspaper, personally briefed president obama in 2010, said we're spying on merkel is that cool, he said yes. they are denying this in the white house, there is no way for all of us pleebs to know.

neil: if you don't know then i give up, if you go to a foreign country, and you represent this government, either business or politic or government official, you take it as a given, everyt closely monitored. so, it is shocked that it is going on is too much for me. >> there is hierarchy of outrageous, i am more worried about our government spying you neil cavuto or me or anybody else without a consent or warrant or probable cause. i am more concerned that president has a kill list he can assassinate americans without due process, which is shocking. woo do not reflect on it enough, spying on foreign leaders goes below those things. neil: that is a an excellent point. >> if you defend, the practice of spying on our close of the

allies, you cannot defend getting caught. which is what they have done. if you do it, you better do it in such a way no one knows. i'm afraid that america feels it is do whatever it wants in the world, and to hell with the consequences, people too not like to be treated that way, i understand where they are coming from. neil: i have always wonders, the leaders, whether it was bush. or this president, says that. then there is this all powerful group of spies, th the secret shadow group that is really running things, you know presidents come and go, and congress comes and s and go. we'll always be there. that disturbing. >> you mentally don't want to go there, but there is some truth to it, it still a state secret how much of cia spends every

year. this is creepy, we should look into this, and champions those people who are trying to shine some sun light into the process, none would have been known if not for edward snowden, who was treated as a trader, but reason is because of the revelations he came out with. neil: and has yet it come out with, matt welch thank you. >> thank you, neil. neil: what do you want for holiday this year? we asked our twitter followers, what do they want from santa. one wants a playstation 4. and an xbox 1. he is 48 years old, i don't know, and another one, a new playstation 4, and galaxy nexus 5 start phone, why the high-tech wish list could give us all headaches.

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neil: so many gadgets so little time, this holiday season, we're not scratching the surface, the gadgets do not come cheap, but they are all in demand, to jonus and robert. robert? >> well, you know i think that as far as discount holiday shoppers, i think you know they will be okay. have you dollar store, dollar general, family dollar. the 200 2008-09 recession was ak up for those people. they spend money not necessarily en vogue any more, they are shopping now at dollar stores, they will do well, but in electronic retailers will do well. some of your tritter followers

looking at galaxy tablet. neil: a lot of shallow and i immature. i am our crewous, what comes at one's gain is another expense. >> only so many dollars for holiday spending, these things are expensive. when a good iphone comes out, i am getting junkier gifts from people,. neil: do you that you get the expensive gadget and everyone else gets hickory farm gift certificates. >> that is right, and lower end will see a lower ticket dollar, and wherever they sell the samsung gadgets they will see a higher ticket. i don't think that dollar store will benefit, i think 500 single dollar purchases that are not going to happen.

neil: they are planning to be hip and cool, and demand this holiday seen, sam suns for samsung for example trying to catch the right audience, now nets $100 million to bring tablet to tv's courtside at all of the nba games, i am saying -- >> samsung has done a great job, if not for samsung apple would be a tri trillion dollar compan, the whole thing with the jay-z jay-z app, i put it on my phone. neil: you can? >> every time i open it. >> i had the laure lawrence wel. >> be careful. neil: robert, what do you make of it in is this a smart move by samsung, it is about reaching out to people who would have no problem buying the items or no lack of desire to buy them. >> i look at apple and samsung,

as bmw and mercedes and premium tablet and smartphone market. for samsung, there is soakian is -- they are a south korean company, these are some things they have to relate with the customer and compete with apple this company is designed in california. so they are trying to play catch up, and appeal to a younger generation, they have to do. and like jonus said, if not for them apple would be a tril condollatrilliondollar company. neil: if particular is coming back -- tech is coming back it be be a good harbinger of things to come for the economy. >> it is -- it is a discretionary purchase, you don't have to upgrade your phone of year, and cars that we saw put off during rec, car sales sorry strong.

they never helped in electronics, it never got killed. >> you hear that? you know that music means time for night cap. what are you looking for tomorrow with fed's two day meeting beginning that is preoccupied your time. that says a lot about how you spend your time. what do you make? >> now they can't stop buying the bonds for a very long team, we saw, that economy government shut down, that scared people, they want to counter that with loose money, and we saw as rates went up this year, mortgage origin nation hammered, and home possibly prices stop going up we'll know that tomorrow. neil: what do you want to see. >> i want to see them keep rates low. and that i want to see that. >> robert? >> well stock that we own is linked in, in market we have seen momentum stocks, getting

taken out to the wood shed, linked in the report earnings tomorrow, they are expecting 32-cents a share, 45% year-over-year growth, stock not performed well since last earning report, and retail sales numbers coming out tomorrow, they are expected to be flat thanks ta the kabuki theater that was going on in washington. we'll see those numbers. neil: robert, if you are a twitterer you are watching linked in's results? >> i think so, you know, momentum is been waning a bit. so they are looking to come public shortly, i think they are looking for big numbers out of twitter to help their price, they are talking about a low number as for as public. but i think they would like to see number tick up to $ 22 a share. neil: how is that twitter thing >> not a good return.

neil: thank you very much. happy dreams, to all of you, happy pro prosperous trading tomorrow.